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Friday, October 30, 2015

Production is approximately 575 net MW, or nearly 80% of full capacity

In September 2015, a wildfire spread to our Geysers assets in Lake and Sonoma Counties, California, affecting five of our 14 power plants in the region which sustained damage to ancillary structures such as cooling towers and communication/electric deliverability infrastructure. The wildfire has since been contained, and our Geysers assets are generating renewable power for our customers at approximately three-quarters of the normal operating capacity. We expect our insurance program to cover the repair and replacement costs as well as our net revenue losses after deductibles are met. As a result, we do not anticipate that the wildfire will have a material impact on our financial condition, results of operations or cash flows.

Thad Hill, Calpine’s President and Chief Executive Officer said “ I would like to recognize our team at The Geysers whose extraordinary efforts have resulted in production already reaching approximately 575 net MW, or nearly 80% of full capacity."